The Global AI Based Camera Market was valued at USD 7.2 Bn in 2020 and is expected to reach USD 16.1 Bn by 2027, with a growing CAGR of 12.2% during the forecast period.
AI based cameras are programmed with machine learning and computer vision technologies and they can analyze and perform several additional functions than the traditional cameras. They provide innovative and diversified applications across various industries. These cameras are used in a wide range of applications like facial recognition, vehicle number identification, traffic monitoring, law enforcement, and others.
The increasing focus on the excellent quality camera in smartphones is expected to drive the growth of the market during the forecast period. Smartphone producers are embedding AI (Artificial Intelligence) technology in their devices to recognize images. With this technology, the phone identifies the object and applies a correction filter for a better-quality image. The use of AI cameras in smartphones additionally clarifies low-resolution photographs because the AI-vision engine predicts the lacking pixels. This permits higher quality full-display images. Additionally, AI cameras are also used for user authentication, emotion recognition, device management, and others. With these features, the demand for AI cameras in smartphone production is gaining substantial traction, propelling the market growth. Moreover, increasing smart cities projects in developing economies such as China, India is expected to propel market growth. For instance, China installed around 570 million smart cameras across the country in 2021.
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AI Based Camera Market Company Profiles and Competitive Intelligence:
Based on the type, the surveillance camera segment accounted for the largest market share in 2020 and is expected to show its dominance during the forecast period owing to the rising demand for safety across the globe
Based on the type, the AI based camera industry has been segmented into smartphones camera, surveillance camera, DSLR camera, and others. The surveillance camera segment of the AI based camera market accounted for the largest market share in 2020 and is expected to show its dominance during the forecast period owing to the rising demand for security across the globe. Moreover, increasing government spending for the security system in public places and facilities, as a crime prevention measure.
Based on the technology, the image/face recognition segment accounted for the major market share in 2020 and is expected to continue this pattern during the forecast period due to the prominent use in smartphones
Based on the technology, the AI based camera industry is segmented into image/face recognition, voice/speech recognition, computer vision, and others. The image/face recognition segment accounted for the major market share in 2020 and is expected to continue this pattern during the forecast period due to the prominent use of smartphones. Several smartphones are capable of identifying objects and faces while taking photographs. The use of image/face recognition in security systems is also contributing to market growth. Moreover, the integration of image/face recognition in cameras is prompting governments to invest in AI in sectors such as healthcare, transportation, and others, proliferating the segment growth during the forecast period.
Based on region, North America is expected to dominate the AI based camera market during the forecast period
North America is expected to dominate the AI based camera market during the forecast period owing to the presence of prominent players such as Honeywell, Google, and Apple. Moreover, the integration of AI in consumer electronic devices, surveillance systems, and retail & law enforcement sectors propelling the market growth. Furthermore, the constant product launch in the region is expected to flourish the market growth. For instance, in June 2020, Hanwha Techwin America, a global supplier of IP and analog video surveillance solutions, launched a new line of 4K AI cameras. This is the part of the Wisenet P series, the new AI-based cameras capture pristine images at up to 4K resolution while including powerful, in-camera deep learning algorithms for advanced object detection, classification and error-free analytics. Thus, these types of product launches supported the growth of the market in the region.
The report also provides an in-depth analysis of AI based camera market dynamics such as drivers, restraints, opportunities:
COVID-19 Impact on the AI Based Camera Market Analysis:
The COVID-19 pandemic disrupted the economies across the globe as well as negatively impacted the growth of various industries such as oil & gas, construction, manufacturing, and others. This is attributable to the imposition of the lockdown by governments across the globe. Moreover, the disruption in the supply chain of the product and services across the industries is among the prominent factor that hampers the market growth for the short term of period. However, the AI based camera market was slightly impacted by the COVID-19 pandemic due to the stable demand in the era of the pandemic. For instance, the demand for camera systems that detect employees not wearing masks or notifies managers to run through obligatory safety checks in office premises. Thus, this will penetrate the growth of the AI based camera market during the forecast period.
*Note: A detailed analysis is specific to the AI based camera market will be provided in the report
The report also provides an in-depth analysis of key trends in the AI based camera market:
The report also provides an in-depth analysis of recent news developments and investments:
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Market Overview & Competitive Landscape
Market Segmentation (Market Size and Share Analysis)
COVID – 19 Opportunity Mapping
Regional Market Analysis